I take this opportunity to share with you the progress report of your company for theyear 2016-17. The management's vision to commission and maintain 5 GW of solar power forour clients out of the 100 GW target by 2022 is on track and remains unchanged.
The company maintained it's growth trajectory for the 2 consecutive year. The revenueof the company increased from Rs 277.1 Crores in FY16 to Rs 479 Cr for FY17. This is a 71%growth of the topline clocked over a higher base of FY16 wherein the company increased itsrevenue by 146% over the previous year (FY15)
The profit after tax of the company increased from Rs 20.9 Crores in FY16 to Rs 36.3Crores in FY17 an increase of 73%. Although we are a growth company but still we proposedto declare a dividend as our philosophy to share profits with stake holders.
Global and Indian Market Overview:
a) In the calendar year 2016 77000 MW of Photovoltaic (PV) based capacity was addedglobally representing a growth of 34% in capacity addition all over the Globe. Thecapacity addition was led by China 34500 MW US 14500 MW Japan 10200 MW and India 5500MW
b) In the calendar year 2017 an estimated 79000MW of PV capacity is going to getadded globally. India is expected to add 8800 MW making it the third largest PV marketovertaking Japan during the year
c) As on 31.3.2017 India has utility scale installations totaling to 12200 MW. India isexpected to add 44000 MW of utility scale capacity till 2021.
During the year under review your company:
a) Won tenders/orders from Manganese Ore India Limited (MOIL)
Solar Energy corporation of India (SECI) for installation at Andaman and NicobarIslands Airport authority of India (AAI) in Jaipur and Andaman.
b) Has added more than 50 MW DC capacity for private clients in our park business. Weadded another solar park to our portfolio of Parks which now stands at 8 park sites spreadacross Madhya Pradesh and Maharashtra. Your company will now managemore than 200 MW solarpower plants which have a predictable operations and maintenance revenue stream which islocked in for 25 years from the inception of the plant.
c) Has installed 4.9MW of roof top installations as of 31.3.2017. Some of theprestigious installations where our team is executing/has executed our roof top plants areCollectorate at Lucknow Bhabha Atomic research center at Mumbai several establishmentsof Indian Oil Corporation Ltd.
d) More than doubled the headcount in the solar business. As on Mar
31 2017 the headcount stands at over 400 people.
e) Has launched the Home solar business during the year and bought solar power toseveral hundred homes in the states of Gujarat Uttar Pradesh Rajasthan and MadhyaPradesh. The company has plans to invest and scale this business up several fold in theyears to come.
Given the challenges associated with a growing organization we have added to ourleadership team. MrAnjan Ghosh an IIT Kharagpur alumnus has joined us from TataInternational. Mr Ghosh has about 30 years of work experience in Blue chip corporates. MrPrashant Gupta has joined us from Samsung to spearhead the retail (Home Solar) business ofUjaas. I welcome them and send my best wishes on their new assignment
Finally I take this opportunity to thank our valued customers our bankers and ouremployees for their consistent support. My special thanks to the Board of Directors fortheir conscientious guidance the Company's leadership team for their enthusiasm andefforts; all of which has contributed to your Company's growth.
|With Best Wishes |
|Shyamsunder Mundra |
|Chairman & Managing Director |
|DIN: 00113199 |
|Date: 14 August 2017 |